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<br />BROOKS & FREUND, LLC
<br />STATEMENTS OF INCOME AND MEMBERS' EQUITY
<br />YEARS ENDED DECEMBER 31,2009 AND 2008
<br /> 2009 2008
<br />CONTRACT REVENUES $ 36,089,6 I 3 $ 66,231,680
<br />CONTRACT COSTS 31,132,706 59,902,800
<br />GROSS MARGIN 4,956,907 6,328,880
<br />OPERA TING EXPENSES 1,718,033 2,569,406
<br />INCOME FROM OPERATIONS 3,238,874 3,759,474
<br />OTHER INCOME (EXPENSES)
<br />Interest income (Note 5) 135,805 146,187
<br />Depreciation and amortization (Note 4) ( 95,746) ( 112,214)
<br />Interest expense ( 920) ( 2,252)
<br />Total other income (expenses) 39,139 31,721
<br />INCOME BEFORE MEMBERS' SALARIES 3,278,013 3,791,195
<br />MEMBERS' SALARIES 840,041 922,044
<br />NET INCOME 2,437,972 2,869,151
<br />MEMBERS' EQUITY - BEGINNING 3,542,210 4,093,059
<br />DISTRIBUTIONS TO MEMBERS ( 3,165,600) ( 3,420,000)
<br />MEMBERS' EQUITY - ENDING $ 2,814,582 $ 3,542,210
<br />
<br />See accompanying notes.
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